Digital SME banking startup Recognise Bank has appointed Jean Murphy as CEO. Murphy, who has an extensive background in banking with experience at Credit Suisse, JPMorgan, and Goldman Sachs, has spent the last seven years running her own wealth management startup, FSG.
In her new role at Recognise Bank, Murphy will be responsible for guiding the business and leading future funding initiatives. Since its launch in November 2020, the startup has successfully raised a total of £65 million from its parent company, City of London Group.
Murphy’s appointment comes at a time when Recognise Bank recently achieved a significant milestone, reaching £100 million in lending and £95 million in deposits. This includes the introduction of personal savings accounts and the launch of business savings accounts earlier in April.
Phil Jenks, chair of the City of London Group, commented on Murphy’s appointment, stating, “Jean brings a wealth of experience in banking and capital markets to this role and possesses the entrepreneurial spirit gained from building her own successful company, which helps her understand the challenges business owners face.”
Murphy takes over from Jason Oakley, a co-founder of Recognise Bank, who stepped down in March 2022 after leading the bank from its inception to a full-fledged commercial lender. Her arrival follows the recent hiring of former Deutsche Bank veteran Sahil Thapa as CTO, part of a broader restructuring that includes the establishment of a COO position and a new directorate for banking platforms and partnerships.